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In this episode of Making Billions, Ryan Miller explains why a fund is a scaling vehicle, not a launching vehicle, emphasizing that the $100 million equity floor is the minimum threshold for operational viability.

For fund managers and high-net-worth investors, understanding the math behind management fees and unavoidable OPEX is the first step in avoiding the common "10-year trap" that kills most emerging managers.

How do you launch a fund without going broke?

Build the $100M Floor: Only launch a blind-pool fund when you have enough equity to cover the $250k+ in annual operating costs.

Use SPVs to Scale: Prove your track record through deal-by-deal vehicles before committing to the complexity of a full fund structure.

Sequence Trust First: Establish your brand through content and consistent returns so that LPs are ready to commit before you pay for formation.

[THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally.

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DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...